Monday, September 8, 2014

Martoma Gets Nine Years for Inside Trading

MANHATTAN (CN) - Neither the philanthropy, devoted fatherhood or
previously clean criminal record of former S.A.C. Capital executive
Mathew Martoma dissuaded a federal judge on Monday from sentencing him
to 9 years in prison, more time than prosecutors requested, for a $276
million inside-trading scheme involving an Alzheimer's drug.
"I
cannot and will not ignore that the gain here is hundreds of millions
more than any previous insider trading case ever seen," U.S. District
Judge Paul Gardephe said in the ceremonial courtroom, which was filled
with reporters, lawyers and Martoma's supporters.
Martoma, who
will head to federal prison in November, "cultivated corrupt
relationships" with two doctors over the course of two years, Gardephe
said.

Mathew Martoma seated during sentencing, flanked by his defense team

Judge Paul Gardephe

Mathew Martoma standing while being sentenced to 9 years in prison, wife and family seated behind him.